Fairway Group said to move ahead with $200 million IPO in April

Fairway Group Holdings Corp., the supermarket chain with locations in Paramus and Woodland Park, plans to push ahead with its initial public offering next month, seeking as much as $200 million, said people familiar with the matter.

The 12-store chain owned by Sterling Investment Partners will set a price range for the IPO and begin pitching the sale to investors in the first week of April, said the people, who asked not to be named because the process is private.

Fairway, which began as a small neighborhood market in the 1930s, will use some of the funds from the initial public offering to keep expanding in the New York area.

The first Fairway in North Jersey opened in Paramus four years ago, and the company opened its Woodland Park store last year.

Fairway's sales have climbed for at least three straight years, as it has expanded in suburban New York, New Jersey and Connecticut. Fairway generated revenue of $633 million in the 12 months through December, according to regulatory filings.

The stock will list on the Nasdaq Stock Market under the symbol FWM, according to regulatory filings. Representatives from Fairway, Sterling, Credit Suisse and Bank of America declined to comment.